Discounts Received - Kaplan FAPR Text Book Chapter 3: Incomplete Records, Test Your Understanding 8D
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aatstudent117
Registered Posts: 2
I do not understand why discounts received has been calculated twice in the SPL. It has been recorded to get to the purchases figure, and it has then been added to the gross profit as well. Effectively £1,800 has been recorded twice in the SPL. I believe that this leads to an incorrect figure for the profit of the year because one transaction is being recorded twice.
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